Plan, Build, Grow.
As a business coach and mentor, one of the key areas I help Melbourne businesses with is developing growth strategies.
At each Board of Directors 12 program, I will ask members:
Are you wishing upon a star in the hope of business growth?
Every small business owner wants to achieve growth. They want to secure increased profit growth, they want their team to expand and they dream of expanding into marketplaces beyond their backyard.
Here are some important business growth tips. This business advice will help you preserve and sustain the growth of your small business, for the remainder of this year.
Tip 1: Business Growth Is A Mindset.
Business growth is influenced by many factors such as the economy and your market sector, but growth is not fixed by fate. Growth is driven by you, the business owner!
Ultimately you decide to grow, and only you can commit to your business' growth.
Tip 2: Sometimes doing less achieves growth faster.
We always think of adding more instinctively to achieve growth, but sometimes it’s by stopping doing as much that we reach business growth.
Review your product lines, valuable clients, marketing channels, sales processes and your own responsibilities. You will discover where your energies should be placed and which outlets should be abandoned to drive your growth.
Tip 3: Know your market and listen to your marketplace.
You chose the line of business that you are in because you had a passion for the product or service on offer. Yet ultimately if your business is swimming against the current of your marketplace, you are going to lose business growth traction.
Remember just because we have an idea and a focus that we think will work doesn’t mean the market will buy from us. Sell customers something they want to purchase.
Tip 4: Test, test again and then test some more.
Growth doesn’t just come from working harder; it comes from working smarter.
You can’t always predict which marketing, processes and sales channels will be winners, but if you conduct careful spit testing with your extended networks and loyal clients you will get a gauge of what will work for your product or service.
This will help you uncover the path to fast, low risk small business growth!
Tip 5: Follow a sequence of steps to grow.
There are 4 ways in which a business can grow:
- It can grow from you focusing on market penetration and you selling your product or service to more of the same consumers.
- You can sell alternative products or services to your existing clientele.
- You can take your existing offerings out to new markets.
- You can create new products and services for new markets and customers.
The highest probability, lowest risk strategy is 1. The second lowest risk, fastest payback is 2 and the two highest risk strategies are 3 and 4.
Remember if you improve your 1 game it will make your ventures up the growth ladder, even more sure and successful.
Accelerate Your Business Growth
Are you struggling to get in the growth mindset your business demands?
Stop wasting your energy and start focusing on the strategies which matter. A small business coach can help you develop the right techniques for growth, as well as helping you keep momentum in managing your business.
As a business coach in Melbourne, I have helped business owners just like you kickstart their path to growth.
Call 03 9001 0878 and let's discuss your about business advice for your Melbourne business.
Stefan Kazakis on 27 May 2017
What better way to wrap up the month than with a fantastic M500 event this week. As a team, we sometimes forget what a great event it is, after all it’s what we do every month, but we really do eat ...Read more